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Malawi joins Africa Finance Corporation as its 18th member state

Malawi is the second Southern African member country to join the Africa infrastructure development finance institution

According to a statement posted on AFC's website, the entry of Malawi is a progression of the Corporation’s existing investment footprint in the country and an expansion strategy into Southern Africa, and continued alignment of its country membership.

AFC had previously acted as Joint Mandated Lead Arranger (MLA) and Lender for a US$60 million commodity trade finance facility to Meridian Consolidated Investments Ltd (Malawi), the integrated agricultural commodities trading group to finance Meridian’s fertilizer importation and sale in four Southern African countries.

Malawi, which signed its letter of adherence on 8th March 2018, becomes AFC’s 18th member state. Other member states include Benin, Cape Verde; Chad; Côte d’Ivoire; Djibouti; Gabon; the Gambia; Ghana; Guinea-Bissau; Guinea-Conakry; Kenya; Liberia; Nigeria; Rwanda; Uganda; Sierra Leone and Zambia.

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Cumulatively, the Corporation has to date invested US$4.5 billion in projects across 28 African countries, and in a wide range of sectors including power, telecommunications, transport and logistics, natural resources, and heavy industries.

Andrew Alli, CEO of AFC, commented on the announcement said: “We are delighted to welcome Malawi as a member country of the Corporation. Malawi has a rich pipeline of bankable investments in the infrastructure space, and we are looking forward to exploring these opportunities. We are confident our unique business offering across project advisory, project development and financing in our 5-specialist sectors will go a long way towards closing the infrastructure gap in the country”.

Dr Goodall Gondwe, Malawi’s Minister of Finance, in his reaction said: “Malawi has an abundance of infrastructure projects with huge financial and social potential that will create benefits for all stakeholders, and close the country’s infrastructure gap. We are, therefore, honoured to join AFC, and become a member state of the Corporation. We look forward to further engaging with AFC’s management to support the delivery of critical projects across Malawi”.

In November 2016, the Republic of Benin (Benin) became the 17th Member State of Africa Finance Corporation (AFC) while Ghana marked its 7th anniversary as a Member State by making an initial equity investment of US$10 million to become a sovereign shareholder in the Corporation.

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